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1. Company Snapshot

1.a. Company Description

Matas A/S, together with its subsidiaries, operates a chain of retail stores that offer beauty, personal care, health and wellbeing, and household products in Denmark.Its products include cosmetics, fragrances, and skin and hair care products; and vitamins, minerals, supplements, specialty foods, and herbal medicinal products, as well as sports and exercise, nutrition, mother and child, oral, foot and intimate care, hair removal, and special skincare products.The company provides house and garden products, including cleaning and maintenance, electrical, interior decoration, and textiles; and clothing and accessories, such as footwear, hair ornaments, jewelry, toilet bags, etc.


It operates through websites, such as matas.dk.Matas A/S was founded in 1949 and is based in Allerød, Denmark.

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1.b. Last Insights on MATAS

Matas A/S faced challenges from currency fluctuations and market volatility, despite reporting robust performance. The company's Q1 2026 earnings call highlighted strategic expansions and financial flexibility. However, a downgrade from "buy" to "hold" by Handelsbanken (Source: Bloomberg) citing high valuation may have impacted sentiment. Additionally, no recent share buyback announcements were made, potentially leaving investors to absorb the existing share base.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Matas AS (OCSE:MATAS) Q2 2026 Earnings Call Highlights: Navigating Growth Amidst Market Challenges

Nov -12

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Matas AS (FRA:1MTA) Q1 2026 Earnings Call Highlights: Strong Growth Amid Market Challenges

Aug -14

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Matas AS (FRA:1MTA) Q3 2025 Earnings Call Highlights: Strong Revenue and EBITDA Growth Amid ...

Feb -06

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Matas Group Capital Markets Day

Feb -21

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Interim report - 9M 2023/24

Feb -02

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Trading update for Q3 2023/24 and guidance upgrade

Jan -09

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Notification of Executive’s transaction with Matas shares

Nov -20

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Revenue and earnings growth continued as Matas and KICKS joined forces

Nov -10

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.15%)

6. Segments

High-End Beauty

Expected Growth: 5.4%

Matas A/S's high-end beauty segment growth of 5.4% is driven by increasing demand for premium products, particularly among younger generations. Strong online presence, influencer partnerships, and strategic brand acquisitions also contribute to growth. Additionally, the Danish retailer's focus on sustainability and eco-friendly products resonates with environmentally conscious consumers, further boosting sales.

Mass Beauty

Expected Growth: 4.73%

Mass Beauty segment of Matas A/S is driven by increasing demand for affordable, trendy, and sustainable beauty products. Strong e-commerce presence, effective marketing strategies, and partnerships with popular influencers contribute to the 4.73% growth. Additionally, the company's focus on private label products and expansion into new markets also support the growth momentum.

Health and Wellbeing

Expected Growth: 9.33%

Matas A/S's 9.33% growth in Health and Wellbeing is driven by increasing consumer focus on preventive healthcare, rising demand for natural and organic products, and expansion of online sales channels. Additionally, the company's strategic partnerships and investments in digital marketing have contributed to the growth.

Other

Expected Growth: 4.83%

Matas A/S's 4.83% growth in 'Other' segment is driven by increasing demand for health and beauty products, expansion of e-commerce platform, and strategic partnerships with popular brands. Additionally, the company's focus on sustainability and eco-friendly products resonates with environmentally conscious consumers, contributing to the segment's growth.

Wholesale

Expected Growth: 4.83%

The 4.83% growth in wholesale from Matas A/S is driven by increasing demand for health and beauty products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on e-commerce and digital transformation has improved operational efficiency, leading to higher sales volumes and revenue growth.

7. Detailed Products

Beauty and Personal Care

Matas A/S offers a wide range of beauty and personal care products, including skincare, haircare, makeup, and fragrances from popular brands.

Health and Wellness

Matas A/S provides a variety of health and wellness products, including vitamins, supplements, and healthy food options.

Pharmacy Services

Matas A/S offers a range of pharmacy services, including prescription filling, health checks, and medication management.

Home and Healthcare

Matas A/S sells a range of home and healthcare products, including medical equipment, mobility aids, and daily living aids.

Optical Services

Matas A/S provides optical services, including eye exams, glasses, and contact lenses.

8. Matas A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

Matas A/S operates in a market with few substitutes, but the threat is still present due to the increasing popularity of online shopping platforms.

Bargaining Power Of Customers

Matas A/S has a large customer base, but the bargaining power of customers is high due to the availability of alternative products and services.

Bargaining Power Of Suppliers

Matas A/S has a diverse supplier base, which reduces the bargaining power of suppliers, giving the company more negotiating power.

Threat Of New Entrants

The threat of new entrants is moderate due to the presence of barriers to entry, such as high initial investment costs and regulatory requirements.

Intensity Of Rivalry

The Danish retail market is highly competitive, with many established players, leading to a high intensity of rivalry among competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 48.60%
Debt Cost 6.14%
Equity Weight 51.40%
Equity Cost 9.86%
WACC 8.06%
Leverage 94.54%

11. Quality Control: Matas A/S passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

118.6$

Current Price

118.6$

Potential

-0.00%

Expected Cash-Flows